Shared Workspace vs Leasing Office Space. What is Right For Your Business?
The workplace environment has evolved significantly, leading businesses to rethink their operations. Many are adopting a more distributed workforce model, with remote work becoming an expectation for employees. If you’re planning a return to the office, it may be time to reconsider your office lease. Instead of traditional office leasing, exploring shared workspaces could offer more flexibility and benefits. In this article, United Co. created a comprehensive comparison between shared workspaces and traditional office leasing to help you make an informed decision.
The key difference between a traditional office lease and an office at a shared workspace is the length of the agreement. Traditional office leases typically require long-term commitments of 3 to 5 years or even up to 10 years. However, with the rapidly evolving business landscape, many companies are now seeking more flexible arrangements. If you plan to grow your business or have temporary office needs, shared workspaces offer the flexibility you need.
Shared office spaces provide numerous benefits, with short-term and month-to-month agreements being a major advantage. Even if you opt for a longer-term commitment, shared workspaces allow you to expand or upgrade your office as needed. This flexibility ensures you won’t be locked into a space that no longer suits your business needs. You can easily adjust your workspace to align with your business’s changing demands, keeping your office space as agile as your operations.
Once you find an office and sign a lease, you will still have to complete a full fit-out. Fit-outs not only incur a lot of high upfront costs, they also take up a lot of time. The time you could be spending with your family and friends or on growing and developing your business. You can retain the money you spend on a fit-out for cash flow or invest in other parts of your business.
A shared workspace offers a variety of solutions depending on the size and needs of your business. At United Co., everything you need is already provided for you. Fully furnished office space comes with electric sit-to-stand desks, ergonomic task chairs, and storage units. Advanced technology and plug-and-play solutions mean you and your team can move in immediately and hit the ground running. Resulting in less downtime for your business.
When you lease an office space there are many more costs involved than just your monthly rent. There are outgoings such as utility bills, internet, cleaning, maintenance and so much more to think of. Not only do you have to budget for all of these often unexpected expenses, but you also have to devote valuable time to checking and paying invoices, managing cleaners, and booking maintenance. An office at a shared workspace usually includes everything from gas, water, and electricity bills to maintenance and some insurance. You pay one set monthly fee and get a lot of time to spend on other things in return. At United Co., we do not only include your outgoings and electricity bill, we include unlimited tea and coffee as well.
Do you have an office fitted with a large meeting room you only use once a week for your weekly team meetings, or a large reception area that never gets used? A shared workspace comes with many premium facilities at your disposal, but you only pay for what you need. Not only will you get access to your workspace, but you will also have access to many communal collaborative spaces. At United Co. members have access to multiple break-out spaces, several types of meeting rooms, a workshop room, training room, and event space as well as a wellness program. The wellness program offers members access to a quiet room, yoga studio, on-site gym, showers end-of-trip facilities, and much more.
In many cases, a traditional office space is simply a place where people come together to do their work. However, working from home has shown that many of us can perform our tasks from anywhere. What we miss when working remotely are the incidental human connections at the coffee machine and the creative workshop sessions that spark inspiration and innovation. Offices should be places where employees can learn and grow through collaboration. The right workspace can help you foster an inclusive workplace culture that helps employees thrive, feel engaged, and stay inspired.
When you run a small business you need to wear many hats. Your business will not be able to employ all skills in-house and you will be likely to rely on a network of other businesses for a variety of services. In a shared workspace you will meet many other business owners and entrepreneurs. Since you already work in the same space collaboration is easy. You can find potential suppliers and customers in your local business community and you will also be able to refer business to each other. Building a strong network is important for any business owner. At United Co., we focus on building a strong sense of community amongst our members. We encourage a culture of learning and sharing. Our members meet through casual encounters as well as community events. These events are designed to help members be more connected and encourage collaboration.
We are an innovative shared workspace located in the vibrant Melbourne suburb of Fitzroy. We offer a range of services to support local businesses. Our world-class light filled workspaces are furnished with ergonomic furniture and provide members with access to a variety of communal facilities.
If you’re in the process of securing a new office lease or need a temporary project office in Melbourne, consider the advantages of a shared workspace. United Co. team is here to help answer your questions and guide you through the benefits of shared workspaces. Reach out to learn more about how this flexible solution can meet your business needs.
425 Smith St. Fitzroy VIC 3065 Melbourne, Australia Wurundjeri Country